Wannabe L2 Blast bursts onto scene promising high ETH yield — in 3 months


21 Nov 2023 3:23 PM

Some 18,000 accounts have sent crypto worth $27 million into a one-way bridge controlled by a Blast multisig...

  • A new Ethereum layer-2 rollup called Blast has attracted $27 million in total value locked (TVL) through a smart contract "bridge."
  • The Blast network is set to launch as an optimistic rollup in February 2024.
  • The bridge allows users to deposit ether (ETH) and dai (DAI) into a one-way contract, which has quickly amassed enough value to rank 16th in L2Beat's TVL rankings.
  • Blast is promoted as the only Ethereum L2 with native yield for ETH and stablecoins, utilizing Ethereum staking yield through Lido and MakerDAO's growing US Treasury bill yield through Dai Savings Rate (DSR).
  • The development team behind Blast raised $20 million from venture capital firms Paradigm and Standard Crypto, as well as angel investors and crypto influencers.
  • Concerns have been raised about the one-way nature of the bridge and the independence of the signing cohort controlling the contract.

The sentiment of the article is neutral, providing information about the launch of Blast and the concerns surrounding its one-way bridge.

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You May Ask

What is Blast and how does it differ from other Ethereum layer-2 solutions?How much value has been locked in Blast's smart contract bridge?When is Blast expected to launch as an optimistic rollup?How does Blast generate yield for ETH and stablecoins?What are the concerns raised about the one-way nature of Blast's bridge and the independence of the signing cohort?

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